By: Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
Congress surprised us by leaving the death tax free estate at $5,000,000. The federal exemption is indexed to inflation so the exemption for 2013 is set at $5,250,000. Many states, including Idaho choose to follow the federal standard, and do not have a death tax on estates less than $5,250,000.
But there are a number of states that do impose a tax on estates less than the federal level. If your future may take you to a different state, talk with an estate planning professional to see if there is a state or local death tax imposed on smaller estates. For example, Oregon taxes estates in excess of $1,000,000 and Washington taxes estates above $2,000,000.